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Electricity supply needs to be improved, economic reforms implemented and Covid vaccination ramped up to push SA on upward growth trajectory.
The 2021 Budget graphs paint an uphill battle for SA Finance Minister Tito Mboweni and its taxpaying citizens.
The executive summary of the budget speech outlines Tito Mboweni’s fiscal dilemma with a variety of taxes set to increase in the near future.
Regulation 28 changes, loosening Eskom’s grip on SA were among the issues covered in the budget speech by Finance Minister Tito Mboweni.
SA will borrow from multilateral institutions and draw on sterilisation deposits it holds with the SARB to help finance a budget deficit.
‘We must rebuild our economy.’ Read Finance Minister Tito Mboweni’s full 2020 Medium Term Budget Policy Statement Speech here.
Finance Minister Tito Mboweni announced taxpayer support to rescue SAA, ending a long personal resistance to funding further bailouts.
Treasury has revised gross tax revenue estimate for 2020/21 by R8.7bn billion compared with the projection in the June special adjustments budget.
National Treasury says that, to support the stabilisation of debt, significant spending reductions are required.
After a decade of slow economic growth, the impact of COVID-19 on real income levels is likely to set the South African economy back several years.